OpenAI’s groundbreaking ChatGPT has set the tech industry abuzz since its debut in the latter part of 2022. In the wake of its disruptive presence, numerous companies have honed in on the possibilities within generative AI, striving to forge technologies that can rival the prowess of ChatGPT. This article delves into the stocks of such enterprises in the current landscape.
Acquiring ChatGPT stocks in 2024 has notably become a smoother process compared to the early months of 2023. Initially, ChatGPT stood as the sole generative AI model on the market. Today, various contenders are in the process of crafting competing technologies, albeit without reaching the effectiveness benchmark set by ChatGPT. Before exploring the avenues to invest in ChatGPT stocks, it’s essential to grasp the prevailing market dynamics.
The Impact of ChatGPT in the AI Sector
ChatGPT ushered in an unprecedented wave of revolution in the domain of AI. Unveiled by the privately-held entity OpenAI in November 2022, ChatGPT currently boasts a user base exceeding hundreds of millions of daily active users (DAUs). Indeed, ChatGPT’s advent has unlocked a myriad of possibilities across diverse sectors such as technology, healthcare, and retail. Companies persistently strive to enhance their chatbots and technologies to introduce more sophisticated generative AI products to the market.
The most recent iteration of ChatGPT, GPT-4o, was recently rolled out. OpenAI has introduced this latest version of ChatGPT for free to secure a greater market share. GPT-4o encompasses enhanced voice, text, and imaging capabilities. Additionally, it exhibits the ability to recollect past interactions and supports a total of 50 different languages. OpenAI anticipates that these features will elevate the user experience.
The Evolution of ChatGPT Over Time
Since its inception, ChatGPT has been a constant feature in headlines, garnering attention for both commendable and controversial reasons. Critics have raised concerns about its viability and accuracy, as well as the potential repercussions such as job displacements, misuse of the tool, and the upheaval surrounding OpenAI co-founder Sam Altman’s dismissal and subsequent return to the company. Despite the challenges, each episode has only served to fortify ChatGPT’s brand and embed it further in the minds of consumers. Meanwhile, OpenAI has continued its evolutionary journey.
As per data from Fortune Business Insights, the global generative AI market is poised to burgeon at a compound annual growth rate (CAGR) of 39.6%, catapulting to $967.65 billion by 2032 from $67.18 billion in 2024. The sheer scale of this projected market size underscores the immense potential that AI-focused companies are poised to harness. It comes as no surprise that investors are displaying a keen proclivity to tap into the burgeoning generative AI market.
This brings us back to the fundamental question: How can investors secure ChatGPT stocks in 2024?
The Straightforward Approach to Invest
It is common knowledge that the maker of ChatGPT, OpenAI, is a privately-held entity, lacking publicly-traded shares for investment. Nonetheless, investors can explore the option of purchasing the company’s privately-held shares from private investors and employees who are willing to divest their holdings. This avenue can be accessed by registering with reputable brokers specializing in connecting potential investors with insiders at private equity firms.
Another avenue is to consider investing in Microsoft (MSFT), one of the prominent investors in Open AI. The tech behemoth has poured billions of dollars into the startup and is a major player in the generative AI sphere.
Diversifying into Other Generative AI Stocks
As previously mentioned, several tech enterprises have introduced their own versions of ChatGPT and generative AI tools. This cohort includes industry heavyweights such as Alphabet (GOOGL), Baidu (BIDU), Amazon (AMZN), Meta Platforms (META), and Alibaba (BABA).
By leveraging TipRanks’ Stock Comparison tool, investors can evaluate how these listed players in the ChatGPT arena measure up.
Parting Thoughts
All the aforementioned stocks have garnered a Strong Buy consensus rating from analysts and boast a TipRanks Smart Score of 9 or a Perfect 10. This underlines the high probability that these stocks are poised to surpass market expectations. Investors have the latitude to opt for any of these generative AI stocks as a viable alternative to directly investing in ChatGPT.
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